The Leak Detection And Repair by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Leak Detection And Repair, The leak detection and repair market size has grown strongly in recent years. It will grow from $18.89 billion in 2023 to $20.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased leak detection and repair (idar) systems usage, increasing investment in oil and gas exploration in developing countries and economic growth.
The leak detection and repair market size is expected to see strong growth in the next few years. It will grow to $25.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increased leak detection and repair (idar) systems usage, increasing investment in oil and gas exploration in developing countries and economic growth. Major trends in the forecast period include increased leak detection and repair (idar) systems usage, increasing investment in oil and gas exploration in developing countries and economic growth.
Increasing exploration and production activities for oil and gas are expected to propel the growth of the leak detection and repair market. Exploration and production (E&P) activities in the oil and gas industry refer to the processes involved in discovering and extracting hydrocarbons, such as oil and natural gas, from beneath the Earth’s surface. Exploration and production (E&P) activities for oil and gas can be beneficial for the leak detection and repair (LDAR) market in several ways, particularly in addressing environmental and operational challenges associated with hydrocarbon extraction. For instance, in March 2022, according to a survey report published by S&P Global, a US-based publicly traded corporation, production, capital expenditures, employment, and overall operating costs, all increased dramatically in Q1 in the oil and gas exploration industry. In addition, nearly 52% of respondents reported an increase in oil production, along with 47% reporting an increase in natural gas production during the quarter of 2022. Therefore, increasing exploration and production activities for oil and gas are driving the growth of the leak detection and repair market.
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The leak detection and repair market covered in this report is segmented –
1) By Component: Equipment, Services
2) By Product: Handheld Gas Detectors, UAV-Based Detectors, Vehicle-based Detectors, Manned Aircraft Detectors
3) By Technology: Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI), Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, Audio-Visual-Olfactory Inspection
Technological advancement is a key trend gaining popularity in the leak detection and repair market. Many companies are launching new products with new technologies to provide an enhanced experience to their customers. For instance, in March 2022, Bitspower, a Taiwan-based supplier company providing water-cooling equipment launched Bitspower Digital Leak Detector. It is a handheld device that allows water-cooling enthusiasts to check for leaks quickly and accurately. It features a digital pressure gauge and an integrated, hand-operated air pump to pressurize the system. A rotatable male 1/4 connector makes the device easy to connect directly to a water-cooling system’s port.
The leak detection and repair market report table of contents includes:
1. Executive Summary
2. Leak Detection And Repair Market Characteristics
3. Leak Detection And Repair Market Trends And Strategies
4. Leak Detection And Repair Market – Macro Economic Scenario
5. Global Leak Detection And Repair Market Size and Growth
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31. Leak Detection And Repair Market Other Major And Innovative Companies
32. Global Leak Detection And Repair Market Competitive Benchmarking
33. Global Leak Detection And Repair Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Leak Detection And Repair Market
35. Leak Detection And Repair Market Future Outlook and Potential Analysis
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